液化石油气日报：盘面震荡偏强，局部现货上涨-20250827

Report Industry Investment Rating - The report does not explicitly provide an overall industry investment rating, but suggests a "sideways to bullish" outlook for the LPG market [1][2] Core Viewpoints - After a prolonged weak market, the LPG market has recently seen marginal positive factors such as rising international freight, improved chemical demand, and oil price rebounds, leading to improved market sentiment. With the main contract switching to 2510 and reduced pressure from warrant cancellations, the market shows a sideways to bullish trend. However, as the supply - demand pattern has not fundamentally reversed, the upward drive and space may be limited, but there is short - term support [1] - For trading strategies, it is recommended to be sideways to bullish, and look for opportunities to go long on the PG main contract on dips, but the expected upside space is limited [2] Summary by Related Content Market Analysis - On August 26, regional prices were as follows: Shandong market 4500 - 4630 yuan/ton; Northeast market 3850 - 4130 yuan/ton; North China market 4100 - 4600 yuan/ton; East China market 4350 - 4480 yuan/ton; Yangtze River market 4610 - 4820 yuan/ton; Northwest market 4450 - 4500 yuan/ton; South China market 4550 - 4580 yuan/ton [1] - In the second half of September 2025, the CIF price of frozen propane in East China was 586 dollars/ton, up 5 dollars/ton, and butane was 561 dollars/ton, up 5 dollars/ton. In South China, propane was 578 dollars/ton, up 5 dollars/ton, and butane was 553 dollars/ton, up 7 dollars/ton. The RMB - converted prices also increased [1] - Recently, the LPG market has marginal positive factors and improved market sentiment. The main contract switch has eased warrant cancellation pressure. Spot prices of civil gas were generally stable, with partial increases in North China and Shandong. The market atmosphere is fair, and downstream buyers purchase as needed [1] Strategy - Unilateral trading: Sideways to bullish, look for opportunities to go long on the PG main contract on dips, but the expected space is limited [2] - Inter - period, inter - commodity, spot - futures, and options trading: No specific strategies are provided [2]